National Wealth Fund: Opportunities for Industry

The national wealth fund is an essential part of our clean energy and growth missions. Recent investments include £20 million of investment into XLCC, a subsea cable manufacturer, to develop a new facility in Scotland, creating 900 jobs; £28 million of investment into Cornish Metals to finance lithium production, supporting more than 300 local jobs; and £1 billion, working with Barclays and Lloyds, to upgrade social housing, giving people warmer homes and lower bills.

I thank the Secretary of State for his answer. In the Liverpool bay area, just off the coast of my Southport constituency, we already have a number of wind farms, including the Burbo Bank scheme. Can he outline to the House what more his Department is doing to ensure that, as we put up these wind farms, jobs are created in constituencies like mine?

My hon. Friend asks a really important question, which Members from right across this House will agree with. The situation we have inherited from the last Government is that Germany has almost twice as many renewables jobs per capita as Britain, Sweden almost three times as many, and Denmark almost four times as many. Through a combination of Great British Energy, the national wealth fund and a clean industry bonus, we are making sure that we do not just build offshore wind in this country, but reap the huge industrial opportunity from it.

Will the Secretary of State confirm that the Court of Session’s judgment on Rosebank and Jackdaw was to do with their consents, not their licences? When he comes to consider his decisions on those consents, he should do so on the basis that these are existing, not new, licences.

That is an individual planning case, so I will be careful about what I say. What I will say to the hon. Lady is that the last Government made an unlawful decision, according to the court. We are going to follow due process.

GB Nuclear is about to make two decisions on small modular reactors, and I know my right hon. Friend will agree that those SMRs and their supply chains should be built here in the UK. Although we have the capability in Sheffield, we do not necessarily have the capacity, so will he work with me, my colleagues and businesses in Sheffield to look at proposals for a nuclear manufacturing centre of excellence?

I welcome that question from my right hon. Friend, who is a fantastic champion of these issues. We will look at any proposal in detail, but she makes such an important point, which I would make to all Members of this House. People will have different views on this issue, but clean energy is the economic opportunity of the 21st century—whether it is small modular reactors, offshore wind, hydrogen or carbon capture. In our first six months, this Government have shown what it means to deliver at pace on the investments that this country needs.

Has the Secretary of State engaged in any discussions with Northern Ireland industries on the strategic use of the sovereign wealth fund?

The hon. Gentleman makes an important point. I discussed this issue in detail in advance of the preparation of the Great British Energy Bill, and it is also relevant to the national wealth fund. We want our institutions to serve all countries in our United Kingdom, and I encourage him and industries in his constituency to make applications to the national wealth fund, which is there to support people and industries across the UK.

The Government policy to decarbonise the grid by 2030 rests on the National Energy System Operator’s assumption of a £147 per tonne carbon price, but manufacturers are lining up to tell the Energy Secretary that it would destroy British industry. Will he guarantee today that for the remainder of this Parliament, we will have a lower carbon price than Europe?

NESO made that assumption, but it does not reflect our assumption that the carbon price will be significantly lower. I will not start predicting market prices. What I will say to the hon. Gentleman is that the difference between him and us is that he believes that we should double down on fossil fuels as the answer to the problems facing the country, whereas we know that clean energy is the way forward.